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| Fed pledges to get tough on Wall Street as adopts Basel rules Tuesday, Jul 02, 2013 12:41 PM PDT  By Douwe Miedema WASHINGTON (Reuters) - The U.S. Federal Reserve pledged to draft more tough rules for Wall Street, while shielding smaller banks from some of the harshest impact of the global Basel III capital rules it adopted on Tuesday. The central bank voted in favor of the long-awaited U.S. version of the global rules that require banks to use more equity capital to fund their business, to make them more robust after the 2007-09 credit meltdown. ... Full Story | Top |
| Toyota expects to fall short of Prius U.S. sales goal in 2013 Tuesday, Jul 02, 2013 12:29 PM PDT  DETROIT (Reuters) - Toyota Motor Corp will fall short of its goal to sell 250,000 of its hybrid Prius models in the U.S. market this year, a Toyota executive said on Tuesday. "The 240,000 to 250,000 range is kind of where we're settling our sights for the Prius family," said Bill Fay, group vice president for Toyota's U.S. sales. Toyota has boosted its marketing for Prius models in June and will continue through July, Fay said. In 2012, Toyota sold 236,659 Prius models in the United States. U.S. sales of the Prius lineup fell 5. ... Full Story | Top |
| Ex-Tyco CEO Kozlowski denied bid for new parole hearing Tuesday, Jul 02, 2013 12:20 PM PDT  By Joseph Ax NEW YORK (Reuters) - Dennis Kozlowski, the former Tyco International Ltd chief executive convicted of looting the company of more than $100 million, was denied a bid for a new parole hearing by a New York state appeals court on Tuesday. A panel of five Appellate Division justices in Manhattan said a state parole board adequately justified its April 2012 decision not to grant Kozlowski early parole. The board at the time said releasing Kozlowski early would "deprecate the seriousness" of his crimes and "undermine respect for the law. ... Full Story | Top |
| GE Capital will not appeal risk panel's proposed systemic tag Tuesday, Jul 02, 2013 12:18 PM PDT WASHINGTON (Reuters) - GE Capital, the financial services arm of General Electric , said on Tuesday it will not appeal a proposal by the new U.S. risk council to designate the firm as systemically important, a tag that will subject the company to tougher regulations. The comment from Russell Wilkerson, a spokesman for GE Capital, came a day before the end of a 30-day window for the company to notify regulators on the Financial Stability Oversight Council whether it intended to legally challenge the designation. ... Full Story | Top |
| Auto, factory data hint at some momentum in economy Tuesday, Jul 02, 2013 12:15 PM PDT  By Lucia Mutikani WASHINGTON (Reuters) - U.S. new motor vehicle sales in June were poised to record their strongest month in more than 5-1/2 years and factories posted a second straight month of gains in new orders in May, indicating some pick-up in economic activity. Adding to the improving economic picture, home prices posted their biggest annual increase in more than seven years in May, other data showed on Tuesday. The economy appears to be finding some momentum after slowing early in the second quarter as the effects of cooling global demand and tighter fiscal policy took hold. ... Full Story | Top |
| Motor racing-Pirelli says teams contributed to blowouts Tuesday, Jul 02, 2013 12:14 PM PDT * Pirelli to bring stronger tyres to Germany * Supplier says teams contributed to British GP blowouts * Silverstone kerbs also contributed (Adds background) By Alan Baldwin LONDON, July 2 (Reuters) - Formula One teams contributed to the dramatic blowouts at Sunday's British Grand Prix by mounting rear tyres the wrong way around and running them with low pressures, supplier Pirelli said on Tuesday. ... Full Story | Top |
| British TV channel to air Muslim call to prayer Tuesday, Jul 02, 2013 12:13 PM PDT By Belinda Goldsmith LONDON (Reuters) - A British television station will broadcast the Muslim call to prayer every morning during Ramadan to give a voice to Britain's Muslim minority, which has faced a backlash since the murder of a soldier on a London street. Channel 4 on Tuesday announced it would be the first mainstream national broadcaster to air the call, issuing it at 3 a.m. daily from July 9 for the entire Muslim month of fasting. ... Full Story | Top |
| Zynga, seeking salvation, names Microsoft Xbox head as CEO Tuesday, Jul 02, 2013 12:06 PM PDT  By Gerry Shih and Malathi Nayak SAN FRANCISCO (Reuters) - Zynga Inc's decision to bring in the head of Microsoft Corp's Xbox business to replace founder Mark Pincus is a bold stroke that was hailed on Wall Street, but it still leaves questions as to who is ultimately in charge at the troubled game-maker. Don Mattrick was personally recruited by Pincus. But Pincus holds on to 61 percent of the voting rights due to a two-tiered stock structure and will remain Zynga's chairman and its chief product officer. ... Full Story | Top |
| Textbook publisher Cengage files bankruptcy to cut debt Tuesday, Jul 02, 2013 12:02 PM PDT By Nick Brown NEW YORK (Reuters) - Textbook publisher Cengage Learning Inc on Tuesday filed for bankruptcy protection as part of a prearranged restructuring it said would help it eliminate more than $4 billion of debt. The company, which was acquired in a 2007 leveraged buyout by private equity firm Apax Partners and Omers Capital Partners, sought Chapter 11 protection from creditors with the U.S. bankruptcy court in Brooklyn, New York. Cengage said it had already received support for its plan from an informal group of creditors holding about $2 billion in secured debt. ... Full Story | Top |
| Obama's Power Africa backer calls weak competition an investment incentive Tuesday, Jul 02, 2013 11:38 AM PDT  By Drazen Jorgic DAR ES SALAAM (Reuters) - Nigerian businessman Tony Elumelu, who backed President Barack Obama's Africa Power initiative with a $2.5 billion investment pledge, said on Tuesday the lack of competition in the continent's nascent power sector makes it an investment gem. Obama's $7 billion plan to shine "light where currently there's darkness" in Africa by doubling access to power on the world's poorest continent, will be backed by another $9 billion in private sector money. ... Full Story | Top |
| TSX turns lower as gold miners weigh Tuesday, Jul 02, 2013 11:34 AM PDT  TORONTO (Reuters) - Canada's main stock index turned negative on Tuesday after a sharp drop in shares of gold producers, following a weaker bullion, offset strength in the energy sector. The Toronto Stock Exchange's S&P/TSX composite index was down 5.53 points, or 0.05 percent, at 12,123.58 in mid-afternoon trade. (Reporting by John Tilak) Full Story | Top |
| IRS claim against Tyco may force former units to contribute to tax bill Tuesday, Jul 02, 2013 11:31 AM PDT (Reuters) - Security services provider ADT Corp said it may have to contribute to a tax bill faced by former parent Tyco International Ltd if the total amount assessed by the IRS exceeded $1.85 billion. Tyco said on Monday it had received a notice from the U.S. Internal Revenue Service stating that several of the company's former units, including ADT, owed taxes of $883.3 million and penalties of $154.0 million for tax years from 1997 to 2000. (http://r.reuters.com/nyr39t) Tyco said four former subsidiaries would contribute to paying the liabilities under tax-sharing agreements. ... Full Story | Top |
| UK union to take postal privatisation protest to London banks Tuesday, Jul 02, 2013 11:29 AM PDT  LONDON (Reuters) - Trade unions opposing the privatisation of the British postal service will hold a protest next week at the London offices of the banks advising the government on the float. Goldman Sachs and UBS, located in London's financial district, will be the focus of the protest, which forms the centrepiece of a week of activity planned by union branches across the country. The government, which hopes to launch the stock market flotation of the country's 497 year-old postal service later this year, says the Royal Mail needs to access private capital and modernise. ... Full Story | Top |
| Wall Street dips, investors look to Friday payroll data Tuesday, Jul 02, 2013 11:29 AM PDT  By Alison Griswold NEW YORK (Reuters) - U.S. stocks dipped in afternoon trading Tuesday as declines in industrial and technology shares eroded earlier gains. Wall Street had opened higher and continued to rise on strong June car sales data and as concerns receded about the Federal Reserve's plans to pare its massive bond-buying program. But those gains were shed in afternoon trading and the S&P 500 lost steam after bumping against its 50-day moving average. "We are in a really weak market as far as volume (is concerned), so it wouldn't take much to move the market either way. ... Full Story | Top |
| Telefonica in fiber optic deal with Vodafone, Orange in Spain Tuesday, Jul 02, 2013 11:19 AM PDT  MADRID (Reuters) - Spain's biggest telecoms company Telefonica signed an agreement with rivals Vodafone and Orange on Tuesday, granting them access to its fiber optic network to roll out faster broadband for customers. Vodafone and Orange will make a one-off payments on individual installations to share them for no less than 20 years and Spain's telecoms regulator CMT will set prices, the three companies said in a statement. They gave no further details of the payments. ... Full Story | Top |
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